Problem 1 Payment Schedule for a Loan
Loan Amount
$10,000.00
Annual Interest Rate (APR)
2.9%
Term (In years)
5
Periods in a year
12
Monthly Payment
$179.24
Schedule
Interest
Prinicple
Start
$10,000.00
End of Period 1
$24.17
$155.08
$9,844.92
End of Period 2
$23.79
$155.45
$9,689.47
End of Period 3
$23.42
$155.83
$9,533.65
End of Period 4
$23.04
$156.20
$9,377.44
End of Period 5
$22.66
$156.58
$9,220.86
End of Period 6
$22.28
$156.96
$9,063.90
End of Period 7
$21.90
$157.34
$8,906.56
End of Period 8
$21.52
$157.72
$8,748.85
End of Period 9
$21.14
$158.10
$8,590.75
End of Period 10
$20.76
$158.48
$8,432.26
End of Period 11
$20.38
$158.86
$8,273.40
End of Period 12
$19.99
$159.25
$8,114.15
End of Period 13
$19.61
$159.63
$7,954.52
End of Period 14
$19.22
$160.02
$7,794.50
End of Period 15
$18.84
$160.41
$7,634.09
End of Period 16
$18.45
$160.79
$7,473.30
End of Period 17
$18.06
$161.18
$7,312.12
End of Period 18
$17.67
$161.57
$7,150.54
End of Period 19
$17.28
$161.96
$6,988.58
End of Period 20
$16.89
$162.35
$6,826.23
End of Period 21
$16.50
$162.75
$6,663.48
End of Period 22
$16.10
$163.14
$6,500.34
End of Period 23
$15.71
$163.53
$6,336.81
End of Period 24
$15.31
$163.93
$6,172.88
End of Period 25
$14.92
$164.33
$6,008.55
End of Period 26
$14.52
$164.72
$5,843.83
End of Period 27
$14.12
$165.12
$5,678.71
End of Period 28
$13.72
$165.52
$5,513.19
End of Period 29
$13.32
$165.92
$5,347.27
End of Period 30
$12.92
$166.32
$5,180.95
End of Period 31
$12.52
$166.72
$5,014.23
End of Period 32
$12.12
$167.13
$4,847.10
End of Period 33
$11.71
$167.53
$4,679.58
End of Period 34